A proven mineral reserve is the economically mineable part of a measured mineral resource demonstrated by at least a preliminary feasibility study. This study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified.
The above definitions of “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, and “indicated mineral resource” conform to Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) definitions as defined in the CIM Standards on Mineral Resources and Reserves – Definitions and Guidelines as required by National Instrument 43-101 of the Canadian Securities Administrators, Standards of Disclosure for Mineral Projects.
Cautionary note to U.S. investors concerning estimates of measured, indicated and inferred mineral resources. U.S. investors are advised that the terms “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are recognized and required by Canadian securities laws. These terms are not recognized by the U.S. Securities and Exchange Commission. U.S. investors should not assume that all or any part of mineral deposits in these categories will ever be converted into mineral reserves and that as compared with measured and indicated mineral resources, inferred mineral resources have a greater amount of uncertainty as to their existence, and great uncertainty as to their economic feasibility. It should not be assumed that any part of an inferred mineral resource will ever be upgraded to a higher category.
The technical information about GoodMark Capital Group Inc’s material mineral properties contained in this website have been provided as a reference within the meaning of National Instrument 43-101.
Posted in: Applicable Definitions